Getting your business registered completely can be a hefty task at times. Before getting into the nitty-gritties of business registry the full corporate solution subscribe to our YouTube channel for daily business and personal finance tips: https://www.youtube.com/@robleybaynes5602/shorts
What is Business Registry?
A company register is a register of organizations in the jurisdiction they operate under. A statistical business register has a different purpose than a company register.
Business Registry System
On 1st February 2023, TRGD commonly know as The Registrar General Department launched a registry system called CROS (Company Registry Online System). This System was created to submit electronic documentation to the registry to make the business registry process easier and faster.
Types of Business Registry
There are 4 common types of business registry done in Trinidad and Tobago which are:
- Sole Trader/ Sole Proprietor – A Sole Trader business is one that is owned by a single individual.
- Partnership – A business partnership is owned by two or more entities.
- Limited Liability/Company – A Limited Liability Company is one that offers protection to its owners, commonly referred to as directors, and is incorporated by multiple individuals.
- Non-Government Organisation (NGO) – An NGO is a non-profitable organisation that performs charitable services which operates independently from the government.
Why should you register your business?
Here are some reasons why you should register your business:
- It is a legal requirement by the Government of Trinidad & Tobago for your business to be fully registered.
- You’ll be able to declare tax-deductible business expenses.
- Being unregistered prohibits you from growing, since you’ll have to avoid being noticed by the Government.
The Registry Checklist
For your business to be fully functionable you must be:
- Registered/Incorporated
- Have a business bank account.
- Registered under the Board of Inland Revenue (BIR)
- If you have employees, you must be registered under the National Insurance Board (NIB)
How Can Robley Baynes Assist?
Robley Baynes can offer you the full corporate secretarial experience, our services include:
- Incorporation of Companies
- Provision of Company Secretary
- Provision of address of the registered office for companies
- Preparation and filing of Annual Returns
- Preparation and filing of Notices
- Maintenance of statutory registers
You’re one step away from receiving the full corporate secretarial solution. Contact us today and schedule a FREE consultation with one of our trained professionals when you call 1 868 293-1508 or email service@robleybaynes.com .